Lines of Credit and Short-Term Borrowings

Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs, to refinance indebtedness, and for other general corporate purposes.

The table below presents the consolidated credit facilities and the amounts available and outstanding as of December 31, 2016 and 2015 (dollars in thousands):



	December 31, 2016									December 31, 2015
	Pinnacle West			APS			Total			Pinnacle West		APS		Total
Commitments under Credit Facilities	$	275,000		$	1,000,000		$	1,275,000		$	200,000	$	1,000,000	$	1,200,000
Outstanding Commercial Paper and Revolving Credit Facility Borrowings	(41,700		)	(135,500		)	(177,200		)	—		—		—
Amount of Credit Facilities Available	$	233,300		$	864,500		$	1,097,800		$	200,000	$	1,000,000	$	1,200,000

Weighted-Average Commitment Fees	0.125%			0.100%						0.125%		0.100%

Pinnacle West

On May 13, 2016, Pinnacle West replaced its $200 million revolving credit facility that would have matured in May 2019, with a new $200 million facility that matures in May 2021. Pinnacle West has the option to increase the amount of the facility up to a maximum of $300 million upon the satisfaction of certain conditions and with the consent of the lenders. At December 31, 2016, Pinnacle West had no outstanding borrowings under its credit facility, no letters of credit outstanding and $1.7 million commercial paper borrowings.

On August 31, 2016, PNW entered into a $75 million 364-day unsecured revolving credit facility that matures in August 2017. PNW will use the new facility to fund or otherwise support obligations related to 4CA, and borrowings under the facility will bear interest at LIBOR plus 0.80% per annum. At December 31, 2016, Pinnacle West had $40 million outstanding under the facility.

APS

During the first quarter of 2016, APS increased its commercial paper program from $250 million to $500 million.

On May 13, 2016, APS replaced its $500 million revolving credit facility that would have matured in May 2019, with a new $500 million facility that matures in May 2021.

At December 31, 2016, APS had two revolving credit facilities totaling $1 billion, including a $500 million credit facility that matures in September 2020 and the $500 million facility that matures in May 2021. APS may increase the amount of each facility up to a maximum of $700 million, for a total of $1.4 billion, upon the satisfaction of certain conditions and with the consent of the lenders. Interest rates are based on APS’s senior unsecured debt credit ratings. These facilities are available to support APS’s $500 million commercial paper program, for bank borrowings or for issuances of letters of credit. At December 31, 2016, APS had $135.5 million of commercial paper outstanding and no outstanding borrowings or letters of credit under its revolving credit facilities. See "Financial Assurances" in Note 10 for a discussion of APS's other outstanding letters of credit.

Debt Provisions

On February 6, 2013, the ACC issued a financing order in which, subject to specified parameters and procedures, it approved APS’s short-term debt authorization equal to a sum of 7% of APS’s capitalization, and $500 million (which is required to be used for costs relating to purchases of natural gas and power). This financing order is set to expire on December 31, 2017. See Note 6 for additional long-term debt provisions.